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One Year Since Note Ban, RBI Still Busy Verifying Submitted Notes
October 31, 2017
Even as nearly a year has passed since the government launched the note ban drive, the Reserve Bank of India (RBI) is yet to complete the processing of the returned notes of Rs. 1,000 and Rs. 500.
In response to an RTI query, the central bank said that so far it has processed about 1,134 crore pieces of Rs. 500 notes and 524.90 crore pieces of Rs. 1,000 junked notes, they having a face value of Rs. 5.67 lakh crore and Rs. 5.24 lakh crore each.
The RBI said that it’s using 66 Sophisticated Currency Verification and Processing (CVPS) machines for counting the notes.
